This invention relates to a method using a computer for use in collecting on judgments.
A problem endemic to civil litigation is the collection of judgments against defendants. A plaintiff's troubles and an attorney's work frequently continue even after a monetary award has been obtained from a court. The award must be collected from the defendant or defendants.
Collection on a judgment frequently requires that bank accounts be located and process served on the banking institutions. This is a time consuming process. Banks possibly containing defendants' funds must first be located and then contacted to determine whether one or more judgment defendants have accounts at the respective institutions. Upon ascertaining the existence of defendants' bank accounts, process must be served, responses tracked, and money collected.
The entire collections process is generally urgent because of the possibility that defendants will close the bank accounts in anticipation of collection. The funds are either converted into some other form or transferred out of the country.
Another problem with the collections process is compensation for the collections work. Understandably, judgment plaintiffs are not willing to pay an amount greater than the amount to be collected. Generally, judgment plaintiffs are willing to pay only some fraction of the judgment award. Frequently, the payment is made as a contingency, out of any amount that may be collected on the judgment.
Throughout the collections process, records must be maintained to identify which banks have been canvassed, which banks have defendants' accounts, which banks have been served, which banks have responded, how much money has been collected from the different accounts, etc.